P/T Indie wrote:£240K guide price + £100K to update the pitches so around £350K I doubt the club or the community scheme had that type of money and we never used it enough anyway.
Posh wrote:P/T Indie wrote:£240K guide price + £100K to update the pitches so around £350K I doubt the club or the community scheme had that type of money and we never used it enough anyway.
Yep, never used enough.
Apart from school holidays when it was used all day every day from 9am to 5pm by dozens of kids.
Apart from when the Service to Youth League used it all day Sunday in Winter.
Apart from when it was by the Academy teams every day.
Apart from when it was used for walking football and other Morecambe FC in the Community groups.
Losing the pitches was a disaster for the local community and the subsequent closure of L&M Colleges outdoor pitches has denied hundreds of kids all year round facilities for training.
The biggest problem with the pitches were the ‘businessmen’ who originally owned it. Their business plans showed revenues of nearly £1,000 a day (written by university students), so they thought they’d cash in with a private business. If it had been part of the club then everyone could have benefited.
redrobo wrote:Ever wonder where some people get their info from.....
RedRedWine wrote:redrobo wrote:Ever wonder where some people get their info from.....
An irony detector..... what a brilliant idea!
redrobo wrote:Rather than question Tyson's motives let's be thankful that it is back in local ownership and wait and see how he wishes to progress HIS project of providing something for the local community. Because he hasn't shown an interest in OUR club before that doesn't mean that the future could be different.
I prefer to wait and see before passing judgement or questioning his motives...after all it may work our for the benefit of all parties....
Posh wrote:Your connecting two different things, someone said it wasn’t busy and I showed how it was.
Separately I then said two ‘business geniuses’ thought they could make a fortune out of it and so borrowed heavily to do so. If the pitches and block had been debt-free they would have made good money. It was profitable before debt costs. They also could have had even more usage but the debt costs meant they were stupid with pricing. STYL were quoted one figure to use the pitches and then given another higher figure a week before for U10s football (£650). They rightly sacked it off and got Mossgate for a fraction of the cost but had to spread their day out.
The whole debacle with the pitches was endemic of the pisspoor way the new ground was planned and financed. And why the separate company collapsed into administration.
RedRedWine wrote:I might be wrong KenH, but I was under the impression that PMG Leisure was a sustainable business at EBITDA before being placed into administration due to ambiguity of the ownership of the company (with loans outstanding held against the assets of the company).... despite being heavily leveraged in debt. It was a surprise that the administrators opted against continuing the business as a going concern.
Personally, I don't see how the administors have operated in the best interest of the creditor in this case. Indeed I think the objective in closing the facility was to force the clubs hand into a sale. After their fees, I wonder how much they've actually recovered for the creditor? We know the guide price of the auction (circa £240k) is nowhere near the £627k that was outstanding on the loan.
Gone_Shrimping wrote:Was any real attempt ever made to market the gym ?
RedRedWine wrote:Spare a thought for PMG, he was a personal guarantor for part of the loan, which he appears to have settled around the time a contingent liability appeared in Morecambe FC accounts. Diego really did pull his pants down.
KenH wrote:Posh wrote:Your connecting two different things, someone said it wasn’t busy and I showed how it was.
Separately I then said two ‘business geniuses’ thought they could make a fortune out of it and so borrowed heavily to do so. If the pitches and block had been debt-free they would have made good money. It was profitable before debt costs. They also could have had even more usage but the debt costs meant they were stupid with pricing. STYL were quoted one figure to use the pitches and then given another higher figure a week before for U10s football (£650). They rightly sacked it off and got Mossgate for a fraction of the cost but had to spread their day out.
The whole debacle with the pitches was endemic of the pisspoor way the new ground was planned and financed. And why the separate company collapsed into administration.
Any business will be profitable if you ignore the fixed costs, i.e. the cost of the land, the cost of the equipment, the cost of the building materials, cost of surveyors, planning, etc. You can't just forget all that. Someone has paid it, (or borrowed to pay it) and they need a return on their investment, if not just to pay the interest on loans etc.
redrobo wrote:Ever wonder where some people get their info from.....
marky No.1 wrote:Venture caravan park has been sold to an Irishman, that will be the end of all the existing statics on there, wouldnt be surprised if he goes knocking on Tysons door next
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